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Guess How Long It Would Take to Pay Off This TV?


Americans are starting to smarten up about credit cards. Irresponsible spending on credit has caused a lot of trouble for too many people, and in light of the new credit card reform bill, Consumer Reports attempts to send a point home in its July issue.

It presents this scenario: You charge a $1,000 TV to a credit card with a 13 percent interest rate, and make only minimum payments of 2 percent each month. Can you guess how long it would take to pay off the TV?

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Guess How Long It Would Take to Pay Off This TV?

How long would it take to pay off a $1,000 TV charged to a card with a 13 percent interest rate, while making only monthly minimum payments of 2 percent?

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